BEIJING, March 5 (Xinhua) -- China aims to basically establish a new system for higher-level open economy in the next five years, according to the draft outline of the 14th Five-Year Plan (2021-2025) for national economic and social development and the long-range objectives through the year 2035.

China will promote liberalization and facilitation of trade and investment, and steadily promote the opening-up of financial sectors including banking, securities, insurance, and futures, said the draft outline submitted Friday to the national legislature for deliberation.

The country will further shorten the negative list for foreign investment, and promote fair competition between domestic and foreign-funded enterprises, according to the draft outline.

As part of efforts to pursue higher-level opening-up, the country will formulate and promulgate the Hainan free trade port law, and work to establish a free trade port policy and institutional system with Chinese characteristics, said the document.

To improve the guarantee system for the security of opening-up, China will take measures including establishing a supervision and risk control system commensurate with higher-level opening-up, said the draft outline.